ARMB (Alaska Retirement Management Board ) - Rfp 13-018 Actuarial Review Services
This Request for Proposal (RFP) is issued by the Alaska Retirement Management Board (ARMB) for the purpose of soliciting proposals from qualified actuarial firms (ACTUARY) to provide actuarial review services to ARMB. Alaska Statute 37.10.220(a)(9) requires that the ARMB review actuarial assumptions prepared and certified by a member of the American Academy of Actuaries and conduct experience analyses of the retirement systems not less than once every four years, except for health cost assumptions, which shall be reviewed annuallyb the results of all actuarial assumptions prepared shall be reviewed and certified by a second member of the American Academy of Actuaries before presentation to the board.
The purpose of this RFP is to review the process and procedures used by the State Actuary (currently Buck Consultants, Inc.) in the development of the annual actuarial valuation (valuation) and the actuarial experience study (experience study) for the Alaska retirement systems. The actuarial valuation report prepared by the State Actuary is used to set individual employer contribution rates and affects other budgetary considerations and investment policies. The experience study is used to validate the assumptions used in the valuation. The results of these studies directly affect the cost to employers of over 85,000 active and inactive members. The subject studies must have recognized credibility.
The actuarial review will not be an additional valuation or replication, but rather a review of methods, factors and assumptions used in the actuarial valuations. Respondents are expected to express an opinion regarding:
The reasonableness, consistency and accuracy of the method, factors and assumptions used in the actuarial valuations,
The reasonableness, consistency and accuracy of the compilation of the actuarial valuations, and
The reasonableness, consistency and accuracy of the results and the actuarial assumptions generated from the experience study.
An Evaluation Committee will score written proposals according to predetermined criteria. Proposal discussions as outlined in 15 AAC 112.140(i) may occur as part of the evaluation process. ARMB reserves the right to reject all proposals, or not to award the contract.
